New York, NY -- (SBWire) -- 10/24/2017 --According to the latest market report published by Persistence Market Research, titled "Global Market Study on Torque Sensor: Rotary Torque Sensor Expected To Be the Most Valuable Product Type Segment throughout the Forecast Period", the global torque sensor market is estimated to be valued at US$ 1,105.9 Mn by the end of 2015, and is anticipated to expand at a CAGR of 9.3% from 2015 to 2021 to reach US$ 1,889.9 Mn by 2021.

The torque sensor is a device used for measuring the torque of rotating systems such as electric motors, engine, gearbox, draft shaft, etc. Torque measurement and monitoring are an important parameter in all machines and engines.

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The global torque sensor market is expected to witness a significant growth during the forecast period (2015-2021). Various factors, such as emerging applications of torque sensors, rising demand for precise torque measurement technology, and high demand from the automotive application segment, are driving the growth of the global torque sensor market currently. Furthermore, trends that follow with the growth of torque sensor market include: development of non-contact & wireless sensors, growing adoption of quality standard specifications (such as ISO 9000), and imposition of strict government regulations related to machine safety in developed countries.

The global torque sensor market is segmented on the basis of product type, mechanical configuration, application, and region. On the basis of product type, the global torque sensor market is segmented into different types of torque sensor products. The rotary torque sensor segment is expected to remain dominant throughout the forecast period, with high revenue contribution. By the end of 2015, the rotary torque sensor segment is expected to hold more than 53% share of the global torque sensor market. However, by 2021, the segment is expected to lose its market share to other product types segments.

In terms of mechanical configuration, the flange style segment is expected to expand at the highest CAGR over the forecast period. However, in 2014, revenue generated by the flange segment was low as compared to the other segments.

On the basis of application, the automotive & transportation application segment held the largest share of the global torque sensor market in 2014, and it is expected to remain dominant throughout the forecast period. Factors which are driving the growth of the global torque sensor market in the automotive & transportation application segment include increasing adoption of torque sensors in various automotive systems, the introduction of new types of torque sensors by key players, and increasing demand for electric-powered steering systems in vehicles.

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The report provides in-depth information about various factors and trends affecting each market segment and provides analysis and insights about the potential of the torque sensor market in specific regions. On the basis of region, the global torque sensor market is segmented into five regions. Among these, APAC is expected to dominate the market, accounting for 31.9% value share of the market by the end of 2015, and it is expected to remain dominant till 2021. However, the Middle East & Africa market is anticipated to expand at the highest CAGR during the forecast period.